US Budget Deficit

The Treasury said that the $66 billion June deficit nominally fell 71 per cent from the $228 billion deficit recorded in June 2023

Republican presidential candidate Vivek Ramaswamy has proposed a Zero-Base Federal Budgeting to solve the national debt crisis, which has now gone up to USD33 trillion. The US national debt crisis is real and will take a CEO from outside of politics to fix it, he said on Monday. "Here's how we fix the debt crisis: zero-base budgeting. Start from zero for every department and ask what (if any) spending is required instead of just taking last year's budget as the default," Ramaswamy said. That is how any good CEO would handle this mess, and it is something that both Republicans and Democrats can get behind, he added. "Unfortunately, there isn't a single red or blue state in this country that actually does it," Ramaswamy added. "I built a multibillion-dollar biotech company from scratch by developing five medicines now FDA-approved that the bureaucracy in big pharma abandoned," he said. "I built an insurgent asset manager to compete head-on with BlackRock and Vanguard by leading the

Even with the new spending restraints in the debt limit deal that cut borrowing by USD 1.5 trillion, the US government's deficits are still on course to keep climbing to record levels over the next few decades. The projections are a sign that the two-year truce between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., might be only a pause before a far more wrenching set of showdowns over the federal budget. The Congressional Budget Office said Tuesday that the agreement would reduce spending by USD 1.3 trillion and interest payments by USD 188 billion over 10 years. But that sum is too modest to fully offset the growing costs of Social Security, Medicare and Medicaid. Both Biden and McCarthy ruled out any cuts to Social Security and Medicare, two programs that benefit older voters, before their teams even began their budget talks. That omission reflects the politics around two popular programs as Democrats and Republicans prepare for next year's presidential ...

The higher taxes outlined on Monday would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households

The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic

US is forecasting that this year's budget deficit will be $555 billion lower than it estimated back in May, helped by an economy that is rebounding more quickly than had been expected

The US budget deficit hit $2.54 trillion for the first 10 months of this budget year, fed by spending to support the country after the pandemic-induced recession

The US government's budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year, nearly double the previous record

The US is starting the 2021 budget year the way the old year ended, with soaring deficits

The budget deficit for August was $200 billion, matching the deficit in August 2019 but lower than the $245 billion forecast by analysts in a Reuters poll

The US budget deficit hit an all-time high of USD 3 trillion for the first 11 months of this budget year, the Treasury Department said Friday.

The USD 3.3 trillion figure is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-09.

The federal government rang up a $63 billion deficit in July, the department reported

"There is a growing risk that US policymakers will not consolidate public finances sufficiently to stabilize public debt after the pandemic has passed," said the statement

For the first nine months of this budget year, which began on October 1, the deficit totals $2.74 trillion, also a record for that period

House Speaker Nancy Pelosi said that once again the president is showing just how little he values the good health, financial security and well-being of hard-working American families

Fiscal year 2019 saw a widening in the deficit to $984 billion, the largest budget deficit in seven years

Borrowing from the public swelled to 79.1% of GDP for the year, up from 77.5% in the year before

The US government's fiscal position has deteriorated since 2016, hit by an aging of the population that has led to more people drawing on Medicare, a federal health insurance program for the elderly

The fiscal deficit goal for the year that began on April 1 was lowered to 3.3% of gross domestic product from 3.4% set in February's interim plan, Finance Minister Nirmala Sitharaman said.